March 2012 saw the inception of RuPay as a tool to promote cashless transactions in India. It is India’s first global payment network that has wide acceptability.
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The National Payments Corporation of India (NPCI) is the organisation behind this one-of-a-kind revolution. The name was coined by compounding the words ‘Rupee’ and ‘Payment’. Today, there are RuPay credit cards, debit cards, and many others.
What is a RuPay Card?
Back in 2009, the Reserve Bank of India floated the idea to form a non-profit payment outfit. An indigenous card for payment was also supposed to be made. Eventually, in 2012, the NPCI came up with RuPay and helped the RBI to work towards the goal of a cashless economy.
It was made to be an alternative to other global institutions like Visa and Mastercard. To signify the Indian-ness the RuPay logo even bears the hues from the Indian tricolour.
August 2020 saw the formation of the NPCI International Payments Limited (NPCL) to make RuPay viable in other countries as well. Today, RuPay enjoys a 34% market share as far as cardholders go.
Types Of RuPay Cards
NPCI-backed RuPay, today offers a plethora of cards across the country and patrons can choose different issuing banks as well. Here are the variants available as of today:
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Types of RuPay Credit Cards
- RuPay Classic Credit Card: This RuPay credit card comes bundled with a whole host of merchant offers mainly for e-commerce and POS domains.
- RuPay Platinum Credit Card: This variant not only offers many merchant deals but also comes loaded with privileges like comprehensive insurance covering up to ₹2 lakhs and concierge services at select hotels.
- RuPay Select Credit Card: This is the best variant offered by RuPay in terms of credit cards. The Select Rupay credit card comes equipped with all the offers from the other two cards plus others like lounge access, free gym trials, health checkups, golf program, etc.
Types of RuPay Debit Cards
- RuPay Classic Debit Card: This debit card is offered by all major banks and comes with a vast spread of merchant offers.
- RuPay Platinum Debit Card: The Platinum debit card has an insurance cover of up to ₹2 lakh and concierge services like the credit variant. But it also adds year-round offers for Amazon Pay and Swiggy, Access to over 70 international and 20 Indian lounges and various merchant offers.
- RuPay Select Debit Card: This debit card comes with all the features of its contemporary credit variant.
Types of RuPay Prepaid Cards
- RuPay Classic Prepaid Card: This comes loaded with merchant offers like its credit and debit variants.
- RuPay Corporate Prepaid Card: To ease salary disbursements, allowance payments and other transactions, the Corporate Prepaid card was created. This also comes bundled with many merchant offers.
- RuPay Platinum Prepaid Card: This variant comes along with concierge services, merchant offers, lounge access and an insurance cover of up to ₹2 lakhs.
Government Schemes in Partnership with RuPay
- RuPay PMJDY: The RuPay Pradhan Mantri Jan Dhan Yojana debit card is issued to those individuals who have opened a bank account under the same financial scheme. This card can be used at any ATM and all eCommerce websites and also comes with a ₹2 lakh insurance cover.
- RuPay Mudra: This debit card is issued to individuals who have opted for a Mudra loan under the Pradhan Mantri Mudra Yojana Scheme. Users can avail of multiple offers from different merchants while using this card.
- RuPay PunGrain: This debit card was established by the Punjab Government in 2012 to help farmers procure grains in an easier manner. People who have an account under the PunGrain scheme can avail of these cards and offers from many merchants.
- RuPay Kisan Credit Card: This is a credit card issued to farmers who have an account under the Kisan Credit Card Scheme. This was made to make credit facilities available in the agricultural sector. It comes bundled with many merchant offers.
- RuPay MSME Credit Card: Business owners who have registered their business under the MSME can avail of this RuPay credit card. This has many unique offers like accidental insurance coverage, air accident insurance coverage, baggage loss cover, and some others.
Different RuPay Cards Offered By Different Banks
RuPay, as stated earlier, was established as a non-profit payment system in 2102 and dedicated to India in 2014. Since then, RuPay has come a long way and is now issued by over 1200 banks which comprises the likes of private/public sector banks and regional/rural/co-operative banks.
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However, there are ten core promoters offering RuPay cards across India. They are:
- State Bank of India
- State Bank of Punjab
- National Bank
- Canara Bank
- Bank of Baroda
- Union Bank of India
- Bank of India
- ICICI Bank
- HDFC Bank
- Citibank and HSBC
Great Offers from Banks on the RuPay platform. Check them out:
1. IRCTC SBI Platinum Card
This is a travel RuPay credit card made in partnership with the State Bank of India with a specific focus on people who commute via the Indian Railways on a daily basis. The offers and rewards on this card are curated towards fast point accumulation, fuel surcharge and lounge access. The annual fee for this card is a mere ₹500 and the interest rate is 3.50%. Some of the key features available with this credit card are:
- 350 points on the first transaction worth ₹500 or more.
- 10% extra ValueBack points while booking tickets via IRCTC.
- 1% reduced transaction fee on the IRCTC platform.
- 1% fuel surcharge waiver.
2. BPCL SBI Credit Card
This Rupay credit card sees the coming together of Bharat Petroleum and SBI. This is aimed at people who mostly commute via 4-wheelers. However, there are many offers from sectors like dining, entertainment, groceries, etc which add to the fuel rewards. The fee for this card is just ₹499 and some key highlights include:
- A fuel surcharge waiver lets users save up to 70 litres.
- 5 times the reward points on every ₹100 spent on groceries, entertainment dining, etc.
- Internationally accepted at over 24 million outlets.
- Any transaction equal to or above ₹2,500 can be converted to EMI.
3. HDFC RuPay Credit Card
The HDFC Bharat CashBack Credit Card is for the everyday spender and offers a wide range of offers across sectors like mobile recharge, groceries, entertainment, etc. If used wisely, this card can help users save up to ₹4,000 with ease. The annual fee is just ₹500 and some key rewards include:
- 5% CashBack on transactions related to bill payments, groceries, tickets booked with IRCTC, etc.
- 5% CashBack on EasyEMI, SmartBuy and PayZapp transactions.
- Up to ₹50,00,000 accidental death insurance cover.
4. ICICI RuPay Credit Card
ICICI bank partnered with NPCI in 2022 to bring out the ICICI Bank Coral RuPay Credit Card. This card features contactless payments and comes with a whole variety of benefits. The card’s joining fee is ₹500 and the annual fee is the same from the second year onwards. The fee is waived if spending exceeds ₹1,50,000. The key benefits include;
- 25% off on movie tickets up to ₹100 if booked via INOX or BookMyShow.
- ICICI Bank Culinary Treats Programme ensures max savings at select outlets.
- Lounge access at Indian Railway stations and airports.
- 1% fuel surcharge waived at Hindustan Petroleum pumps.
5. PNB RuPay Select Credit Card
This credit card has been designed for the avid online shopper in partnership with the Punjab National Bank. This is a jack of all trades as its offers span various sectors. The annual joining fee is ₹500 while the rate of interest is 2.95%. The main offers include;
- Get twice as many reward points on retail expenses.
- Get more than 300+ points for your first transaction.
- Free access to national and international airport lounges.
- Comprehensive insurance coverage.
- Amazing CashBack offers on spending pertaining to dining and utility bills.
6. Bank of Baroda RuPay Credit Card
The Bank of Baroda Easy RuPay Credit Card is a basic but extremely accessible credit card. It has been specially created for people with lower salaries as it features many benefits. The annual fee is ₹500 and the highlights include offers like:
- Contactless payment system
- Earn 5 times more reward points by spending on groceries, movies and departmental stores.
- Earn 1 reward point on spends from every other category.
- Fuel surcharge waiver
7. PNB RuPay Platinum Credit Card
This RuPay credit card offers multiple rewards like reward points, insurance coverage and CashBacks. This has been designed in partnership with the Punjab National Bank. There are no joining fees for this card and the annual fee can be waived by just using it once a quarter. The main offers are as follows:
- Earn 300 points on the first transaction.
- Avail exclusive CashBack rewards on spending at eateries, restaurants and utility bills.
- Round-the-clock concierge services.
- 300 and above merchant offers
8. HDFC RuPay Credit Card
The Indian Oil HDFC Bank Credit Card has been made for the RuPay platform. This targets users who use their own vehicles to get around and the main benefits include fuel rewards. The annual fee is ₹500 and the interest is 3.49%. The key offers include:
- Get up to 50 litres of free petrol in a year.
- Earn 5% of spending as Fuel points with transactions at Indian Oil pumps, groceries and departmental stores.
- Waive annual fees with just spending ₹50,000 in a year.
- Get 150 Fuel Points every month after using the car for six months.
9. LIC IDBI Credit Card
The LIC and CSL co-branded Lumine Platinum Credit Card was made in partnership with RuPay to suit spenders who can use it every day. This is a card which can work in and out of India. This has been curated to suit newcomers and offers no annual or joining fees. The main attractions include:
- Free 1000 delight points as a welcome bonus.
- Earn 3 delight points for ₹100 spent.
- Transactions above ₹3,000 can be transformed into EMIs.
- Delight points have a four-year validity.
10. Dhani RuPay Card
The Dhani OneFreedom Card has been made with RuPay to make loans more accessible and less scary. It offers up to ₹5,00,000 at a 0% interest rate. There are other offers on the table as well;
- Get uninterrupted access to doctors for 24 hours.
- Attractive offers with popular e-Commerce merchants across India.
- Up to 40% off on Zoom Car bookings.
- ₹5,000 fee waiver on UpGrad.
Difference between RuPay and Visa Cards
Since Visa and Mastercard have enjoyed a duopoly over the years, RuPay’s emergence has bothered them quite a bit. Many credit card applicants wish to know the differences between RuPay and Visa cards. Here it is:
| RuPay | VISA |
| India’s own payment system | International gateway |
| Lower transaction fees | Comparatively higher charges |
| Instant processing of transactions | The relatively slower rate of processing |
| No need to pay Network Registration Fees | Network Registration Fees in mandatory |
| Accepted only in India | Accepted worldwide |
| Higher level of security | Comparatively lower |
How Paying Rent Using RuPay Credit Cards Benefit Users
Paying rent is a monthly expense most Indians have to bear. In Today’s digital age, youngsters are seen using digital payment gateways for convenience and security. While people use credit cards for other things like shopping, movies, tickets, etc. paying the rent with a RuPay credit card also has its benefits.
The most obvious reason to pay rent with a credit card is to earn reward points. This may be in the form of miles, fuel, or plain points. The second most obvious reason is the time taken to perform the transaction. Although digital payments do not take much time, transactions on the RuPay platform are far quicker since the entire system is based here in India. The final but most important pro to paying rent using a RuPay credit card is the security it offers.
How Can NoBroker Help?
(NoBroker is not just a property manager anymore. We offer a very range of services ranging from banking and housing all the way to legal documents)
NoBroker can help individuals learn more about credit cards and other banking services. NoBroker Pay on the smartphone and website allow for payments to be made by multiple platforms which include credit cards. Our strategic partnerships also allow our users to get great offers from select banks.
RuPay credit cards are the best things that have come up within the Digital India campaign. The platform now stands equally tall as Mastercard and Visa in India. The various types of RuPay and other co-branded cards are offered by all major banks across the country and 1100 others.
FAQ’s
Q1. Does RuPay have chip-embedded cards?
Ans. Yes, the RuPay platform does have cards that come with electronic chips embedded in them. These are issued by many major banks and are very useful. They take the security up a few notches and prevent actions like card duplication.
Q2. How are debit, credit and prepaid cards different from each other?
Ans. It is very simple.
1. Debit cards: Use now and Pay now.
2. Credit cards: Use now and Pay later.
3. Prepaid cards: Pay now and use them later
Q3. What are the types of RuPay cards available?
Ans. There are many different cards out there but the broad categories that encompass them are:
1. Credit Cards
2. Debit Cards
3. Prepaid Cards
4. Government Cards
Q4. Which documents do I need to submit to apply for a RuPay card?
Ans. You will need to submit the following at the bank you are applying for a credit card:
Recent colour passport-sized photograph.
1. Address proof.
2. Identity proof.
3. Signature
Q5.How long does it take for my RuPay card to reach me after the application?
Ans. Since all RuPay operations are located within India, a RuPay card reaches an applicant within 7 working days.
